TechnipFMC Secures Shell Contract, Enhancing Deepwater Development Capabilities

TechnipFMC Strengthens Position in Deepwater Development with Shell Contract

TechnipFMC plc has recently secured a substantial contract with Shell Nigeria Exploration and Production Company Limited, marking a significant milestone in its ongoing collaboration in the energy sector. The contract involves the provision of Subsea 2.0® production systems for the Bonga North development off the coast of Nigeria. Valued between $250 million and $500 million, this contract will be recorded in TechnipFMC's inbound orders for the fourth quarter of 2024. The scope includes the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and related services, positioning TechnipFMC as a key player in the deepwater oil and gas industry.

Jonathan Landes, President of Subsea at TechnipFMC, highlights the significance of this partnership, noting Shell's pioneering role in implementing the Subsea 2.0® configure-to-order solution. Shell’s continued utilization of this technology across various basins underlines its commitment to innovation and efficiency in subsea production systems. This contract not only reinforces TechnipFMC’s existing relationship with Shell but also enhances the company’s ability to compete for future deepwater projects in the region, showcasing its advanced technological capabilities.

The award of this contract reflects TechnipFMC's strategic focus on delivering integrated solutions that optimize project economics while promoting energy transition and reducing carbon intensity. As a leader in both traditional and new energy sectors, TechnipFMC operates primarily through its Subsea and Surface Technologies segments. The company is committed to advancing industry standards through innovative ecosystems such as iEPCI™, iFEED™, and iComplete™, which aim to streamline project execution and improve operational efficiency. This latest contract serves as a testament to TechnipFMC's pivotal role in shaping the future of subsea technology and energy development.

In addition to the contract with Shell, TechnipFMC remains focused on enhancing its technological offerings and maintaining strong partnerships within the industry. The company has issued a forward-looking statement, advising stakeholders to consider the inherent risks and uncertainties associated with such projections. Investors are encouraged to refer to TechnipFMC’s filings with the U.S. Securities and Exchange Commission for a detailed overview of risk factors.

TechnipFMC continues to reinforce its position as a leading technology provider in the energy sector, committed to delivering fully integrated projects and services that align with the global push for energy transition. The collaboration with Shell Nigeria solidifies its expertise in subsea systems and underscores its dedication to innovation in deepwater development.